529 Plan and College Savings

Question: Will a college savings 529 Plan effect my ability to get financial aid?

I live in New York State and would like to open a 529 Plan for my kids, but I need to know if the value of the plan is going to effect our ability to get financial aid for my kids at college time.

Answer: As of July 2006, these plans are no longer counted as assets or resources when filing the FAFSA. There is supposedly little or no impact on financial aid eligibility.

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